Overview: USD/CHF is consolidating with bullish bias after hitting one-week high 0.9372 Thursday. USD/CHF is underpinned by bullish dollar sentiment; franc sales on buoyant EUR/CHF cross. But USD/CHF gains are tempered by positions adjustment before weekend. Daily chart is tilting positive as stochastics is rising from oversold; negative MACD histogram bars are contracting.
Trading recommendation: The pair is trading below its pivot point. It is likely to trade in lower range as far as it remains below its pivot point. The short position is recommended with the first target at 0.929 in view; the breach of this target will move further the pair downward and you should expect the second target at 0.925. The pivot point stands at 0.9325. In case the price moves in the opposite direction, returns from its support, and moves above its pivot point, then trading in higher range is the most favorable and buy position is recommended above its pivot with the first target at 0.9395 and the second target at 0.941.
Overview:
USD/CHF is consolidating with bullish bias after hitting one-week high 0.9372 Thursday. USD/CHF is underpinned by bullish dollar sentiment; franc sales on buoyant EUR/CHF cross. But USD/CHF gains are tempered by positions adjustment before weekend. Daily chart is tilting positive as stochastics is rising from oversold; negative MACD histogram bars are contracting.
Trading recommendation:
The pair is trading below its pivot point. It is likely to trade in lower range as far as it remains below its pivot point. The short position is recommended with the first target at 0.929 in view; the breach of this target will move further the pair downward and you should expect the second target at 0.925. The pivot point stands at 0.9325. In case the price moves in the opposite direction, returns from its support, and moves above its pivot point, then trading in higher range is the most favorable and buy position is recommended above its pivot with the first target at 0.9395 and the second target at 0.941.
Support Levels:
S1 – 0.929
S2 – 0.925
S3 – 0.92
Resistance Levels:
R1 – 0.9395
R2 – 0.941
R3 – 0.945
The material has been provided by InstaForex Company – www.instaforex.com
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